ICICI Bank introduces EMI facility for UPI payments by scanning QR code

Talking about the new facility, Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank, said “We have seen that maximum payments these days are made through UPI. In addition, we have observed that customers are increasingly opting for UPI transactions from PayLater, the Bank’s ‘buy now, pay later’ service. Combining these two trends, we are introducing the facility of instant EMI for UPI payments done through PayLater."

"With this facility, lakhs of our customers making UPI payments by scanning a merchant QR code can shop for mid to high value items and pay in easy EMIs," he said.

ICICI Bank introduced PayLater facility in 2018 to enable customers to buy small ticket items immediately in a digital and paperless manner. PayLater facility enables customers to shop online, pay bills and pay to any merchant UPI ID at physical stores instantly.

Visit any physical store and choose preferred product or service

To make the payment, use iMobile Pay app and choose ‘Scan any QR’ option

Select PayLater EMI option if transaction amount is Rs 10,000 or more

Select tenure among 3, 6 or 9 months

Just confirm the payment and the transaction is completed successfully